Corvus, an online insurance platform, has closed a $4m growth investment led by Bain Capital Ventures.
Massachusetts-headquartered Corvus partners with major insurers and serves as a managing general agency to create broker-distributed commercial insurance policies. The platform uses novel data sources to inform underwriting and provide ongoing loss prevention recommendations and business intelligence; through these recommendations, brokers can reduce the total cost of risk.
Corvus’ data set comes through partnerships with data businesses and includes business-critical systems, mobile phones, social media, and internet-of-things sensors and among others.
The company’s online platform, CrowBar, enables both brokers and policyholders to get on-demand access to policy information, claims reporting, loss prevention recommendations and business intelligence.
Corvus founder and CEO Phil Edmundson said, “As consumers, we all take pleasure in a great digital experience; we love the 24/7 ability to check our investment account, access our home security system, or check our credit score. It is time that this type of experience comes to commercial insurance brokers and their clients.”
The company is looking to implement cyber insurance tools to assess an organisations SaaS providers, and an auto insurance solution which uses data to evaluate, score and improver diver safety, according to the company’s website.
Earlier in the year, Bain Capital took part in the $18m Series B-1 funding round of Bench, which was led by iNovia Capital. Another FinTech investment made this year by Bain Capital was its lead contribution to defi SOLUTIONS, a loan origination software developer.
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